GAR COVID-19 May Survey Results

Thank you to everyone who took the time to give us feedback in our COVID-19 survey that we deployed last week. This survey was a follow-up to a survey that we originally sent out in March. By the time this survey ended we had collected 4,900 responses, which is approximately 12% of our membership. All numbers are rounded up to the nearest percentage.

Of those who responded, 92% were residential practitioners, 4% were commercial practitioners, 3% were property managers, and 1% was association management and staff.

Ninety-five percent of those responding indicated that their business had been impacted by COVID-19 in the past five weeks.

Of those who indicated that their business had been impacted:

49% said that the impact was significant

34% said that the impact was moderate

13% indicated that the impact was minimal

Of those who indicated that their business had been impacted, when ask about adverse scenarios that had occurred due to COVID-19:

67% indicated that buyers had decided to delay the home search

55% reported the postponement of potential new listings

40% indicated few to no showings on listings (including both virtual or in person)

30% indicated that the buyer or seller lost employment during the process

24% reported closing delays

21% reported sellers in removing the house from the market completely

19% reported that association and/or brokerage offices were closed

12% reported that repair professional / service technicians (HVAC, plumbers, etc.) not available

12% reported that the loan was cancelled

10% indicated residential tenants are unable to pay rent

10% indicated contingency sale fell through

7% reported title policy delays/updates

6% indicated difficulties requesting or receiving extensions on appraisal and or financing contingencies.

4% reported that commercial tenants are unable to pay rent

3% indicated that materials are not available for repairs

All respondents (both those who had indicted that they had been affected as well as those who indicated that their business was not affected) were asked if any adjustments have been made to business practices

81% report that they are conducting business but with adapted processes, such as adhering to safety measures from the CDC, and conducting business over the phone and internet

14% reported not conducting business at all due to the risks

5% reported conducting business as usual

Finally, when asked if COVID-19 had affected their health or anyone they know personally:

60% do not know anyone personally who has experienced symptoms and/or tested positive for COVID-19